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We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money.
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.
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Dear Tax Talk,
My son turned 24 last year. Since he is a full-time college student, can I claim him as a dependent? He had income from a part-time job, but I was his main source of income. Is he a qualifying child? — Josh
Dear Josh,
Although you’d be better off if he graduated, if he still hasn’t found himself, Uncle Sam is willing to cut you a break. There are basically two types of dependents: a qualifying child and a qualifying relative. A qualifying child includes your children or siblings (including step, half or foster) or a descendant of any of them. A qualifying child must be younger than age 19 at the end of the year or younger than 24 and a full-time student. Since your son has already turned 24, he is no longer considered a qualifying child. However, he may still be a qualifying relative.
As a qualifying relative, your child can be older than 24 and still be claimed as your dependent. However, the key difference between the two tests is that a qualifying relative cannot have more than $3,800 in gross income in 2012. If your son’s part-time earnings were less than that, you can claim him as a qualifying relative as you are his main source of support. Also, your son does not have to live with you.
Ask the adviser
To ask a question on Tax Talk, go to the “Ask the Experts” page and select “Taxes” as the topic. Read more Tax Talk columns.
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